Controlled Disbursement Sample Clauses

A Controlled Disbursement clause establishes a process by which funds are released from an account only under specific, pre-defined conditions. Typically, this involves the bank or financial institution notifying the account holder each morning of the exact amount of funds that will be debited that day, allowing the holder to manage liquidity and funding needs efficiently. The core practical function of this clause is to provide predictability and control over outgoing payments, helping organizations optimize cash flow and reduce the risk of overdrafts or insufficient funds.
Controlled Disbursement. Customer may use reporting tools in Business Online Banking to view the total amount of Checks that have been presented for payment to the designated Account (“Inclearings”) on an intraday basis for each Business Day. Bank relies on clearing information received from the applicable Federal Reserve Bank or other clearing entity, the accuracy and timeliness of which Bank does not control and for which Bank assumes no responsibility or liability. If, for any reason, Bank is not provided with such information, Customer shall estimate the Inclearings for that Business Day. i. Prior to the physical delivery of the actual Inclearings to Bank, Bank will facilitate a preliminary posting of Inclearings (“Memo Post”) to Customer’s Account intraday based on an electronic file of the estimated Inclearings provided by the Federal Reserve Bank each Business Day. During end-of-day processing, Bank will reverse each Memo Post entry and post each physical Item received from the Federal Reserve Bank against the Controlled Disbursement Account. The total of the Checks posted against the Account may or may not equal the Memo Post total from earlier that Business Day.‌ ii. Prior to the close of business each Business Day, Customer will ensure that the Account or an Account that is linked to the designated Account for Controlled Disbursement via a sweep mechanism contains Available Funds in an amount at least equal to the aggregate Inclearings for that Business Day. If the Available Funds in the Controlled Disbursement Account or sweep Account are less than the aggregate Inclearings presented against the Controlled Disbursement Account, Bank will have the right to dishonor one or more of the Checks for which there are not adequate Available Funds.
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Controlled Disbursement. With Controlled Disbursement Services, you may issue items that use the routing number of another financial institution (the controlled disbursement point) that have made arrangements with us. Such items will be paid from an Account that you maintain with us and you agree that we may pay and otherwise treat such items the same as if they were issued using our routing number. The total dollar amount of items received through the controlled disbursement point prior to the cut-off on any banking day (see our Processing Schedule (Exhibit 1)) shall be reported to you via CMO or other mutually agreed method on the day of receipt. Items received after the cut-off or through our teller line will be included in the total for the next banking day.
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Controlled Disbursement. Cut-Off 8:30 a.m. 7:30 a.m. Cash Vault • Cut-Off Remote Capture 4:30 p.m. 3:30 p.m. • Cut-Off 8:00 p.m. 7:00 p.m. • ACH Files 7:00 p.m. 6:00 p.m. • ACH Same Day Files 1:30 p.m. 12:30 p.m. • ACH File Received Deadline 30 minutes after we receive your file transmission or batch release. 30 minutes after we receive your file transmission or batch release.
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Controlled Disbursement. Borrower's controlled disbursement account at NBD shall be closed immediately.
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Controlled Disbursement. Cut-Off 8:30 a.m. 7:30 a.m. • Cut-Off 4:30 p.m. 3:30 p.m. • Cut-Off 8:00 p.m. 7:00 p.m. • ACH Files 7:00 p.m. 6:00 p.m. • ACH Same Day FIles 12:00 noon 11:00 a.m. • ACH File Received Deadline 30 minutes after we receive your file transmission or batch release. 30 minutes after we receive your file transmission or batch release.
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Controlled Disbursement 
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Related to Controlled Disbursement

  • Deemed Disbursements Upon the occurrence and during the continuation of any Event of Default of the type described in clauses (b) through (d) of Section 8.1.9 with respect to any Obligor (other than Subsidiaries that are not Material Subsidiaries) or, with notice from the Administrative Agent acting at the direction of the Required Lenders, upon the occurrence and during the continuation of any other Event of Default, (a) an amount equal to that portion of all Letter of Credit Outstandings attributable to the then aggregate amount which is undrawn and available under all Letters of Credit issued and outstanding shall, without demand upon or notice to the Borrower or any other Person, be deemed to have been paid or disbursed by the applicable Issuer under such Letters of Credit (notwithstanding that such amount may not in fact have been so paid or disbursed); and (b) upon notification by the Administrative Agent to the Borrower of its obligations under this Section, the Borrower shall be immediately obligated to reimburse the applicable Issuer for the amount deemed to have been so paid or disbursed by such Issuer. Any amounts so payable by the Borrower pursuant to this Section shall be deposited in cash with the Administrative Agent and held as collateral security for the Obligations in connection with the Letters of Credit issued by the applicable Issuer. At such time as the Events of Default giving rise to the deemed disbursements hereunder shall have been cured or waived, the Administrative Agent shall return to the Borrower all amounts then on deposit with the Administrative Agent pursuant to this Section, together with accrued interest at the Federal Funds Rate, which have not been applied to the satisfaction of such Obligations.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Funds Transfer Disbursements The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Disbursement (a) Each Loan shall be made by the relevant Lender from such Lender’s branch or affiliate identified as its Applicable Lending Office. (b) The failure of any Lender to make any Loan to be made by it on the Borrowing Date therefor shall not relieve any other Lender of its obligation to make its Loan or Loans on such date, but neither any Lender nor the Administrative Agent shall be responsible for the failure of any other Lender to make a Loan to be made by such other Lender. (c) The Administrative Agent may, but shall not be required to, advance on behalf of any Lender the amount of such Lender’s Loan to be made on a Borrowing Date, unless such Lender shall have notified the Administrative Agent prior to such Borrowing Date that it does not intend to make such Loan on such date. If the Administrative Agent makes any such advance, the Administrative Agent shall be entitled to recover the amount so advanced on demand from the Lender on whose behalf such advance was made and, if such Lender does not pay the Administrative Agent the amount of such advance on demand, the Borrower agrees promptly to repay such amount to the Administrative Agent. Until such amount is repaid to the Administrative Agent by such Lender or the Borrower, such advance shall be deemed for all purposes to be a Loan made on such Borrowing Date by the Administrative Agent. The Administrative Agent shall be entitled to recover from the Lender or the Borrower, as the case may be, interest on the amount advanced by it for each day from the Borrowing Date therefor until repaid to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate until the third Business Day after the date of the advance and, thereafter, at the rate per annum equal to the relevant rate on Loans made on the relevant Borrowing Date.